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Ethereum soars 25% from the recent dip, eyes on $625 as bulls swing back into action

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  • Ethereum rebounds from last week’s support at $480 to almost testing the resistance at $600.
  • A break above $600 is expected to elevate Ethereum above $625, and perhaps send it on a pathway to $700.

Ethereum has recovered significantly since last week’s dive to the support at $480. The weekend session was kind to other major cryptocurrencies too, with Bitcoin surging above $18,000. Meanwhile, Ether is trading at $580 amid a building bullish momentum.

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Ethereum on the verge of a breakout to $62′

All technical indexes point towards Ethereum soaring to highs above $600 in the coming sessions. The Relative Strength Index has reinforced the bullish grip, as it grinds closer to the overbought region. The consistent rise from levels around 30 has called for an increase in buy orders.

ETH is also trading above the 50 Simple Moving Averaged. Note that the last time Ethereum exchanged hands under it, losses amounted to 11%. As long as the smart contract giant is above this key moving average, the path with the least resistance will remain upwards.

ETH/USD 4-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

On the other hand, the gap made by the 50 SMA in the 4-hour time above the 100 SMA and 200 SMA, suggests that buyers have the upper hand. Trading above $600 is likely to encourage more buyers to join the market. If enough bullish pressure is created, Ethereum is will likely break above the target at $625 and focus on gains above $700.

On the flip side, it is worth mentioning that some delays may be encountered at $600. Perhaps enough selling pressure will build to stop the planned breakout to $625. A correction from the critical level might see Ethereum fall back to seek refuge at the 50 SMA. Other key support levels to keep in mind include 100 SMA at $515, $480, and 200 SMA at $465.

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Cryptocoincoach

Ethereum intraday level

Spot rate: $587

Percentage change: 2%

Relative change: 10

Trend: Bullish

Volatility: Expanding


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Author: John Isige




John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Source: https://coingape.com/ethereum-soars-25-from-the-recent-dip-eyes-on-625-as-bulls-swing-back-into-action/

Blockchain

TomoChain Launches LuaSwap: Attempts to Fight High ETH Gas Fees

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Ever since last summer, the DeFi space is booming. The total value locked in various protocols has surged to more than $24 billion, up some 4000% in less than a year. But there’s one challenge that many believe is hampering the further growth of the space – sky-high ETH gas fees.

The Booming DeFi Space

The massive increase in popularity of decentralized finance (DeFi) led to the creation of hundreds of projects, each one battling to garner the user’s trust. One of the more successful ones is Uniswap – an automated market maker and a decentralized exchange for ERC20 tokens. This, however, created an issue.

Ethereum’s suffering from congestion: with so many apps and people using the network, gas fees are high and transactions can be slow. In fact, gas fees have been so high lately that many started to question whether DeFi is actually only profitable for larger holders.

TomoChain proposes a solution to this with its Proof of Stake Voting (PoSV) consensus algorithm which incentivizes all token holders to be active in staking across a network of over 150 Masternodes. In essence, the goal is to help Ethereum’s network function more efficiently.

Enters LuaSwap

Put simply, LuaSwap is a coin-swapping platform which enables users to trade various cryptocurrencies. The main benefit of using it compared to other similar solutions such as Uniswap or SushiSwap, for instance, is that it’s cheap – it runs on TomoChain, not on Ethereum.

The promise is for near-zero gas fees and quicker transactions thanks to the 2-second block confirmation and the ability of TomoChain to handle up to 2,000 transactions per second.

It’s worth noting that the fees on Ethereum’s network have been so high lately, that they’ve eclipsed Bitcoin’s network by a factor of 3x. Over the past seven days alone, Ethereum saw around $10 million in fees, while Bitcoin’s network – only about $3 million. Interestingly enough, Uniswap’s V2 lines up third with $2.4 million in weekly fees.

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Source: https://cryptopotato.com/tomochain-launches-luaswap-attempts-to-fight-high-eth-gas-fees/

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Blockchain

Polkadot, Ethereum Classic, Maker Price Analysis: 27 December

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Polkadot moved below its $16.05-support level, with its indicators highlighting more bearishness for the price over the coming trading sessions. Other altcoins such as Ethereum Classic and Maker moved within fixed channels on their charts and awaited further cues from market leaders BTC and ETH.

Polkadot [DOT]

Source: DOT/USD, TradingView

The world’s fourth-largest cryptocurrency, Polkadot was trading at $15.7, at press time, down by 8.6% in 24 hours. The fall was a sign of the selling pressure that gripped the market since the price was unable to break above the $18.9-resistance. On the charts, the candlesticks moved below the 20-SMA (yellow) and 50-SMA (blue) and signaled a bear market for DOT. Moreover, the indicators suggested that the bearish momentum was on the up and that the price could move lower on the charts.

The Awesome Oscillator’s red bars rose in length below zero and so did the red bars on the MACD’s histogram.

Ethereum Classic [ETC]

Source: ETC/USD, TradingView

Ethereum Classic moved rangebound between $7.74 and $7.06 as a lack of strong momentum prevented a breakout in either direction. Low trading volumes and limited buying activity also accentuated the crypto’s recent price action. An extended bearish scenario could see the price fall below its immediate support level and move towards the $6.2-support. On the other hand, a bullish outcome would see the price rise towards the $8.3-resistance level.

The Relative Strength Index stabilized just above the oversold zone and outlined the bearish nature of the crypto’s price.

The Chaikin Money Flow suggested that capital inflows into the market were beginning to recover on the charts.

Maker [MKR]

Source: MKR/USD, TradingView

Maker was trading within a channel of $1,490.60 and $1,325.90, at press time, continuing its trend over the past five days. While it looked like the bears were about to flip the press time support, some bullish activity was recorded in the last trading session. However, a further pullback in the broader market could see the price head lower towards $1,153.4, while a bullish scenario could see a rise towards the immediate resistance.

The Bollinger Bands suggested low volatility in the price as the bands were compressed.

Finally, the Awesome Oscillator was bearish-neutral, but the momentum was weak.

Source: https://ambcrypto.com/polkadot-ethereum-classic-maker-price-analysis-27-december

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Blockchain

Chainlink Price Analysis: 27 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Chainlink‘s price was highlighting the promise of a surge, one that could range anywhere between 18% to 40% over the next month. This surge will be pivotal to the project’s prospective listing by the Grayscale Investment company. It should be noted though that while the rumor got some credibility recently, Grayscale hasn’t announced the listing of these assets yet.

At press time, LINK was trading at $21.42 with a market cap of $8.6 billion, with the altcoin ranked the seventh-largest cryptocurrency on CoinGecko. After recording a 3.2% surge over the previous week, the oracle platform token might be witness to yet another surge soon.

Chainlink 6-hour chart

Source: LINKUSD TradingView

The attached chart highlighted that Chainlink was in a massive bearish ascending parallel channel pattern. The price got close to hitting the upper trendline, but failed after two tries. However, these attempts were what pushed LINK past its previous ATH and towards the new ATH at $25.8. Since hitting the new ATH, LINK’s price has seen a pullback down towards the lower trendline of the parallel channel, where it stood at press time.

Not only was the price being supported by the lower trendline of the channel, but the short-length EMA [yellow] was also preventing the price’s collapse. Hence, the price seemed to be primed for a bounce.

Adding more credibility to this bounce were the RSI and the Stochastic RSI, with both underlining a dip towards the oversold zone and loss of downward momentum. Finally, the MACD indicator was well below zero on the 6-hour chart, showing no signs of heading higher.

Conclusion

Overall, LINK’s price looked bearish on the charts, but considering the aforementioned supports, the bullish scenario also makes sense. There are two scenarios as to how the price could evolve.

In the first scenario, the price will bounce from the lower trendline of the channel or the mid-length EMA [blue] and head higher. This uptrend will have the potential to push the price up by 18% to 40% to $25.8 and $30.8, from where the price stood at press time.

A continuation of the downtrend after closing below the lower trendline would push the price down to $19.4 or $18.2, a development that would mean a 10% to 15% drop from the press time price.

Source: https://ambcrypto.com/chainlink-price-analysis-27-january

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